Home Loan

When you think of Home Loan or Housing Loan you want the best deal and we are here to help you get that. Purchasing a home is a major milestone. It’s where you would live with your loved ones. When taking a home loan, it’s important to think about your financial future and know the type of loan you’re getting. Our Counsellors are at your service, to find the right home loan for your needs and protecting your future. Our NRI Home Loan services are swift, reliable and efficient, our counsellor are at your service, to complete the necessary requirements of Home Loan for NRI.

Home Loan in Mumbai, Navi Mumbai, Thane: Selecting the right banker to buy your dream home.
First step, identify a property that fits your personal and financial requirement. The next step is to identify, evaluate and select a lender/banker for your Home Loan. It can be a hectic and time-consuming task to select a reliable banker or financial institution for your housing loan in Mumbai.

Consider the necessary factors before selecting a banker. Let us elaborate few important factors for picking the right bank to buy your dream home.

Rate of Interest, Processing Fee & Prepayment Charges:a. Home Loan Interest Rate
i) Fixed interest rates for Home Loan are normally ideal and preferable for the loan tenure of 2 to 5 years. Normally, fixed interest rates are higher than floating rate of interest, but are helpful in the case of well-planned investment and liability portfolio.
ii) Floating rate of interest for Home Loan in Mumbai vary from time to time. Currently, majority of the bankers have linked their interest rate with Marginal Cost of funds based Lending Rate (MCLR) which will be the internal benchmark lending rates. Based upon this MCLR, interest rate for different types of customers should be fixed in accordance with their riskiness. The base rate will be now determined on the basis of the MCLR calculation. Floating interest rates are ideal for long home loan tenure.
iii) Hybrid interest rates are the Home loan options where you get blend of Fixed and Floating rate of interest. Hybrid loans are preferable during highly volatile and unpredictable futuristic market scenarios.

b. Processing Fee for Home Loan:
Generally, bankers charge Rs. 10,000 + Service Tax as a Processing fee for a salaried customer. The initial processing fee at the time of home loan application submission may differ from bank-to-bank. For the self-employed customers, bank may charge 0.5% of the Loan Amount or Rs. 10,000 + Service Tax (whichever is higher)

c. Prepayment Charges for Home Loan:
Prepayment or foreclosure charges are normally levied on the home loans with the fixed rate of Interest. Generally, bankers do not charge any prepayment or foreclosure fee, for the home loans which are tenured 6months and above, with the floating interest rate.

Home Loan Eligibility & EMI Calculator:
Loan amount which may get disbursed from a lender depends on your Income/Salary and the value of your selected property. According to the recent loan-to-value ratio (LTV Ratio) notified by RBI, the loan amount would not exceed 90% of the total property value, for the home loans of Rs. 30 lakh or less. Even if your income eligibility for the home loan is more than your property value, financial institution will lend you the amount eligible as per the property value.

EMI Calculator will give an approximate EMI amount with an adequate break-up of Interest and Principal component. A longer loan tenure helps in reducing EMIs. Our EMI Calculator will assist you to plan, evaluate and execute a better financial decision to achieve your future goals.

Quick Sanction & Disbursal Process:
It is also very crucial to conduct basic research on sanction and disbursement process of the bankers shortlisted by you. Check and confirm the turnaround time of the shortlisted bankers. We recommend opting for the financial institution, which are transparent, quick and approachable during your sanction and disbursement process.

Home Loan FAQ’s

You can click on apply now tab and fill in the details our representatives will call you shortly to fix up a meeting to process the loan further. You can also call on our toll free number 1-800-123-5626.

Home Purchase Loans: for the purchase of a new home. i.e. Under Construction or a Resale Apartment

Home Improvement Loans: renovations in a home that you have already purchased.

Home Construction Loans: for the construction of a new home.

Home Extension Loans: for expanding/extending an existing home.

Land Purchase Loans: for purchase of land for home construction/investment purposes.

Home Conversion Loans: for those who have financed the present home with a home loan and wishes to purchase/move to another home for which some extra finances are required. In Home Conversion Loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan.

Balance Transfer Loans: helps you to pay-off an existing home loan and avail the option of a loan with a lower rate of interest.

Bridge Loans: for people who wish to sell the existing home and purchase another. This loan helps you finance the new home, until you find a buyer for your old home.

Refinance Loans: helps you pay off the debt you have incurred from private sources like relatives/friends, for the purchase of your present home.

Stamp Duty Loans: is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property.

Loans to NRIs: to build/buy a home in India. EMI is payable till the loan is paid back in full. It consists of a portion of the interest as well as the principal.

There are 2 options offered by Banks – Floating rate & fixed rate. In floating rate the rates will fluctuate as per the market if may reduce as well as increase & is certainly not under your control. In fixed rate you will be aware on the monthly EMIs hence you will be able to plan your finances better.

The difference is that in annual reducing balance case the outstanding principal is updated on annual basis while in monthly reducing case it is updated on monthly basis. Hence in monthly basis you will repay more of principal in every EMI.

Some home loans are partially disbursed depending on the construction stage of Housing project. Unless complete payment is done you will have to pay the interest on the amount which is paid to the builder called as Pre-EMI Interest.

Yes, you are eligible for tax benefits on the principal and interest components of the loan under the Income Tax Act, 1961. However as the benefits could vary each year, do check out the current benefits available.

Yes, and you are advised to do so too as the Agreement for Sale between the builder and the purchaser is required by law to be registered. You can register at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.